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Jun 30, 2009
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what is new about this, this is a general issue in compaq -- campaign finance, campaign finance is focused on commercials on tv, this is a more traditional medium. and yet the sec tried to regulate this film because it was going to be given out before an election. this come class at a very controversial time for campaign finance. there were 2 decisions that pointed in different directions, the first on communication restriction was the mcconnell decision in which the court upheld against a challenge saying the government could ban collection year communications by corporations including non-profit corporations 60 days before an election but subsequently, in wisconsin, for life, as a challenge, succeeds, and justice roberts writes for the court that something won't be considered in election communication unless it can't be interpreted any other way, as an attempt to get you to vote for or against a candidate and that sets the stage for this lorillard given. the question is how is the court going to deal with this? this turns out not to be a election-year and the communication -- the constit
what is new about this, this is a general issue in compaq -- campaign finance, campaign finance is focused on commercials on tv, this is a more traditional medium. and yet the sec tried to regulate this film because it was going to be given out before an election. this come class at a very controversial time for campaign finance. there were 2 decisions that pointed in different directions, the first on communication restriction was the mcconnell decision in which the court upheld against a...
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Jun 14, 2009
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panel -- olympia snowe who sits on the finance panel? >> that is what they're doing. senator grassley has been giving no authority to negotiate anything by all of us republicans on that committee. he has said that while his staff has talked to senator baucus staff, they are not negotiating with max baucus. if there is only three days left to produce a bill and we will not have had a republican meeting to decide what the republican position is on this, that is why i say it may reflect the fact that i know our democratic friends know what all of us are thinking. that may be reflected, but it's not as if we have sat down with them to write the bill. >> we have been through this before with bill clinton in 1993. regardless of what happens, it has to happen this year before we move into the midterm election year, would you agree? >> no. nothing has to happen this year. >> realistically, politically, can happen? >> the president says we have to do it now or it will happen. why is he saying that? he is saying that because he knows the longer th
panel -- olympia snowe who sits on the finance panel? >> that is what they're doing. senator grassley has been giving no authority to negotiate anything by all of us republicans on that committee. he has said that while his staff has talked to senator baucus staff, they are not negotiating with max baucus. if there is only three days left to produce a bill and we will not have had a republican meeting to decide what the republican position is on this, that is why i say it may reflect the...
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Jun 14, 2009
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in the finance committee, there has been more discussion. we've had a lot of meetings where we're talked about this. but the bill is not being written with republican input. republicans have not ever -- any republican input? >> republicans on the committee have never sat down and said, ok, here's what we believe about x, y, and z. we've had general conversations back and forth and democrats i think know full well what our views are. they may or may not take into account those bills. but we're not being asked to write the bill with them. the bill that the president -- that the chairman comes up with and says this is my mark, now let's amend it, will not be a bipartisan product. >> senator, just last week i was talking with some finance democrats and they insist that it will be a baucus-grassley mark meeting. the chairman and ranking member. and i'm wondering, though, are they just sort of grasping at straws here trying to grab gratsly here, maybe senator snow who sits on the finance panel and maybe a couple others? it doesn't think of me you'
in the finance committee, there has been more discussion. we've had a lot of meetings where we're talked about this. but the bill is not being written with republican input. republicans have not ever -- any republican input? >> republicans on the committee have never sat down and said, ok, here's what we believe about x, y, and z. we've had general conversations back and forth and democrats i think know full well what our views are. they may or may not take into account those bills. but...
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Jun 7, 2009
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with almost $12 trillion in outstanding mortgage debt, housing finance is critical to the u.s. economy. as the conservator, fhfa's goal is to preserve the fannie and freddie. as the regulator, our mission is to ensure that the enterprise provides liquidity, stability, and forgeability to the market a sound manner. that is a statutory responsibility as it is the public purpose that congress gave the enterprises. the enterprises own or guarantee 56% of the single-family mortgages in the country for a total of $5.4 trillion. given that massive exposure, the best way to preserve the assets and fulfill the mission is to stabilize the mortgage market and strengthen the safety and soundness. working with the federal reserve and the bush and the obama administrations and other regulators, that is our top priority since the conservatorship began and will continue to be so. supporting mortgage modifications and refinancings for homeowners into safer mortgages are an important element of stabilizing the housing market and thereby the u.s. economy. the form in which fannie mae and freddie
with almost $12 trillion in outstanding mortgage debt, housing finance is critical to the u.s. economy. as the conservator, fhfa's goal is to preserve the fannie and freddie. as the regulator, our mission is to ensure that the enterprise provides liquidity, stability, and forgeability to the market a sound manner. that is a statutory responsibility as it is the public purpose that congress gave the enterprises. the enterprises own or guarantee 56% of the single-family mortgages in the country...
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Jun 10, 2009
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we've done this in the finance committee. goodness knows, i don't know how many panels we have had, how many walk-throughs, how many slide presentations. boy, that's tough in the afternoon to turn lights off with senators trying to pay attention. and fact after fact after fact and suggestion after suggestion after suggestion and policy objective after policy objective on each day as we go through the legislative smock, if you will, to try to get there from here. our requests, again, i think -- i want to say it again, first, we should provide -- you should provide us with your detailed plan with enough time to read it, understand it, get feedback from our constituents back home, the people the bill will affect. the reason i said that twice is that every day we had one of these slide shows, every day we had a power point, every day we got more information, my office would send it back to the providers of health care in kansas, much in the same fashion as many members of the committee would send it to their people and say, hey,
we've done this in the finance committee. goodness knows, i don't know how many panels we have had, how many walk-throughs, how many slide presentations. boy, that's tough in the afternoon to turn lights off with senators trying to pay attention. and fact after fact after fact and suggestion after suggestion after suggestion and policy objective after policy objective on each day as we go through the legislative smock, if you will, to try to get there from here. our requests, again, i think --...
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Jun 16, 2009
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committee -- this is finance, not help, not the one i'm talking about, but the finance committee and i have the privilege of serving on both -- their overhaul proposal is $1.5 trillion over 10 years. according to several sources, a typical news story, the committee's timeline to redees and markup the legislation could slip open the news and senate finance committee chairman baucus said the numbers are on a bill that is two weeks old and the bill has evolved since then. the chairman indicated it is unlikely he will release it wednesday as previously estimated -- that's tomorrow -- the high score could add more credence to an insurance co-op proposal offered by senate budget committee chairman conrad as an alternative. so we don't know, is it $1.5 trillion? is it $1 trillion? we don't know. in an offhand comment that may or may not be private, but i don't think anymore anything should be private in regard to health care reform, the chairman said it was a response to senator snowe, how can we vote for this bill in committee if we don't know how much it will cost and how it will merge wi
committee -- this is finance, not help, not the one i'm talking about, but the finance committee and i have the privilege of serving on both -- their overhaul proposal is $1.5 trillion over 10 years. according to several sources, a typical news story, the committee's timeline to redees and markup the legislation could slip open the news and senate finance committee chairman baucus said the numbers are on a bill that is two weeks old and the bill has evolved since then. the chairman indicated it...
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Jun 16, 2009
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the senate finance bill is comprehensive, and it will include how to finance it, which is the big unanswered question. but the senate health committee -- that does not say how to pay for it. the senate finance committee will do that. the ways and means committee will have to weigh in as well. host: the story in "the wall street journal" looking at payment for these kinds of things, looking at benefits and whether they will be taxed or not. guest: we all talk about the public plan and how controversial that is. this is another hugely controversial topic, taxing health benefits. max baucus, the senate finance committee chairman, sees it as the largest pot of money that congress can go to to fund a health-care overhaul. but it will stiff -- but it will face stiff opposition from unions to do not want to see health benefits taxed. they see their members as taking a big hit. the president campaigned against this, so it puts him in a sticky position politically. a lot of land mines there. but with max baucus being so -- he is almost an unequivocal when he talks about it that i think we should expe
the senate finance bill is comprehensive, and it will include how to finance it, which is the big unanswered question. but the senate health committee -- that does not say how to pay for it. the senate finance committee will do that. the ways and means committee will have to weigh in as well. host: the story in "the wall street journal" looking at payment for these kinds of things, looking at benefits and whether they will be taxed or not. guest: we all talk about the public plan and...
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Jun 19, 2009
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this is basically a new dictate and therefore, we do get into finance committee's jurisdiction. >> all right. okay. senator hagan? >> thanks, mr. chairman. i used to serve on the ethics committee of a large vet hospital and we dealt quite often with decisions near the end of life. i actually used to teach courses in the advanced directive, and there are a lot of decisions that the individual and obviously in conjunction with their family and their faith need to be made. i think whatever we do to incentivize and encourage people to fill these out, it really helps, i think, the physicians that i have dealt with but you also have to remember, you have to be competent at the time that you actually execute one of these things. so that might preclude any sort of mandate of a requirement. so i think in looking at it, you certainly have to take that into consideration but i do think if you can be more instead of the stick, a carrot approach would
this is basically a new dictate and therefore, we do get into finance committee's jurisdiction. >> all right. okay. senator hagan? >> thanks, mr. chairman. i used to serve on the ethics committee of a large vet hospital and we dealt quite often with decisions near the end of life. i actually used to teach courses in the advanced directive, and there are a lot of decisions that the individual and obviously in conjunction with their family and their faith need to be made. i think...
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Jun 11, 2009
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financed by a public-private mching program that -- the federal contributions will be financed by a $10 fee paid by foreign travelers from visa waiver countries and collected in what is called the electronic system for travel authorization. let me point out that many, many other countries impose lots of fees for people coming and going. australia, $37 departure fee. an entry fee of $19 to $70. mexico an $11 departure fee, up to $38. new zealand $19 for departure fee. united kingdom, $19. there are a lot of fees for people traveling internationally. we intend to propose this with a modest fee of $10. and that $10 would be paid by foreign travelers from visa waiver countries. so this is very simple and should be relatively noncontroversial. there are many of us who have worked on this and worked very hard. my colleague from minnesota is here, senator klobuchar, who has
financed by a public-private mching program that -- the federal contributions will be financed by a $10 fee paid by foreign travelers from visa waiver countries and collected in what is called the electronic system for travel authorization. let me point out that many, many other countries impose lots of fees for people coming and going. australia, $37 departure fee. an entry fee of $19 to $70. mexico an $11 departure fee, up to $38. new zealand $19 for departure fee. united kingdom, $19. there...
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Jun 19, 2009
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on top of it with the financing difficulties. i mean there's going to be smaller for sure. but through the this entire economic and financial period of distress, we've been constantly thinking about spillover effects where companies, state and local governments, are impacted not through fault of their own but because of financing that puts them at greater risk, unnecessarily to the extent that something a bit more orderly can be engineered in terms of easing credit pressures through a transition, not permanently but just in a transitory fashion. that's sort of been the goal. so for the auto suppliers it's a sort of similar type of situation. >> it goes back to the national forum. and ben bernanke recently made a statement to congress about fiscal discipline. and the role that deficits could play in the future in terms of spurring inflation, a little warning shot to congress and the administration to think beyond the current recession. and there's many questions about how badly the current deficit problems could later influence in
on top of it with the financing difficulties. i mean there's going to be smaller for sure. but through the this entire economic and financial period of distress, we've been constantly thinking about spillover effects where companies, state and local governments, are impacted not through fault of their own but because of financing that puts them at greater risk, unnecessarily to the extent that something a bit more orderly can be engineered in terms of easing credit pressures through a...
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Jun 28, 2009
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what is new about this is that often campaign finances focused on commercials on tv. this is a more traditional medium, a film. and yet the f.e.c. tried to regulate this film because it was going to be given out 60 days before an election. this comes at a very controversial time for campaign finance law because there have been two decisions that point in different directions. the first on fine gold, was the mcconnell decision in which the court essentially upheld it against a challenge, saying that the government could ban election earing communications by corpses 60 days before an election. and then subsequently after justice alito replaces justice o'connor, they succeed, and justice roberts writes for the court, that something won't be considered -- would be considered an election communication unless it can be interpreted any other way to attempt to get you to vote for or against a candidate. that sets the stage to this oral argument. the question is how is the court going to deal with this? i think there are three possible roots that come out of the oral argument.
what is new about this is that often campaign finances focused on commercials on tv. this is a more traditional medium, a film. and yet the f.e.c. tried to regulate this film because it was going to be given out 60 days before an election. this comes at a very controversial time for campaign finance law because there have been two decisions that point in different directions. the first on fine gold, was the mcconnell decision in which the court essentially upheld it against a challenge, saying...
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Jun 20, 2009
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the problem we have is a housing finance problem, it's not a credit to fall this what problem. if there were no credit defaults swabs would still have this housing a finance crisis and it would just be harder to manage because it would be harder to move the risks from one place to another. so it doesn't seem to me that there is a clear case to make that a lack of regulation of credit to all the swaps could tibbets to the problem and they have been outlawed we would still have this problem today. >> well, i have two things i want to say about that. one is actually i think that credit defaults swabs did exacerbate the problem for three reasons -- firstly, that the main people confident about lending more than they would have in the past. because people thought they could shift the risk and capt. lending and lending in the volume of lending expanded quite dramatically. secondly, because the option of writing credit defaults contracts was there and provides another mechanism for investors to basically place my bets on the housing market. in 2005 as i describe in the book when i act
the problem we have is a housing finance problem, it's not a credit to fall this what problem. if there were no credit defaults swabs would still have this housing a finance crisis and it would just be harder to manage because it would be harder to move the risks from one place to another. so it doesn't seem to me that there is a clear case to make that a lack of regulation of credit to all the swaps could tibbets to the problem and they have been outlawed we would still have this problem...
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Jun 10, 2009
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the speakers include senate finance committee chairman max baucus and white house budget director peter orszag. from the brookings institution this is about an hour. >> [inaudible conversations] >> good morning everyone, i would like to welcome new to this brookings institute this morning, im mark mcclellan, director of the engelberg center for health care reform at brookings and on behalf of bob and the hamilton project we would like to welcome you to today's events on one of the key issues of health care reform. implementing comparative effectiveness research here and we're delighted to have such distinguished participants to discuss this issue and that, of course, includes all of you here, in the overflow room and i know we have a lot of participants, as well. comparative effectiveness research has vaulted to the front lines of the health care reform debate and as you'll hear from some of our upcoming speakers it could even be a game changer come a key part of bending the health care cost curve and comparative americaness research is moving toward. the american recovery and reinvestm
the speakers include senate finance committee chairman max baucus and white house budget director peter orszag. from the brookings institution this is about an hour. >> [inaudible conversations] >> good morning everyone, i would like to welcome new to this brookings institute this morning, im mark mcclellan, director of the engelberg center for health care reform at brookings and on behalf of bob and the hamilton project we would like to welcome you to today's events on one of the...
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Jun 24, 2009
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host: what is that kind of financing? caller: it is islamic-backed financing. they mix their religion in with financing. i hope not. guest: i don't think so. host: on the democrats' line from houston, texas. caller: but mine. how are you doing? i like to say something about what is happening to the economy. on october 29, 1929 we had the depression, don't you remember? from oklahoma to california -- ok, what happened was they past the glass-stegall act in 1932 and when phil gramm was chairman of the finance committee he directed investment-banking which began appreciable rate markets. people would have $800 escalate to $3,000. what obama is doing is deregulate commercial and investment banking. it is simple. anyone who is well-read in knows -- i majored in history and political science at southern university. if you know what happened, you know this happened. he calls us whiners last year, but they did. he needs to get it back like it was. that is all they need to do. guest: that is a nice history lesson there. and might be the first time i have herdsmen sugges
host: what is that kind of financing? caller: it is islamic-backed financing. they mix their religion in with financing. i hope not. guest: i don't think so. host: on the democrats' line from houston, texas. caller: but mine. how are you doing? i like to say something about what is happening to the economy. on october 29, 1929 we had the depression, don't you remember? from oklahoma to california -- ok, what happened was they past the glass-stegall act in 1932 and when phil gramm was chairman...
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Jun 23, 2009
06/09
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your generation cost is going to reflect a very big chunk of financing cost. by contrast, if you have a long delay, even if you have low interest rates, your overall financing costs are also going to be quite high because you want to realize any revenue in the timeframe you would have realized without a delay. finally, there's the overall question of what the capital costs are themselves. there's a lot of unknowns here because if you don't have recent data point on what it costs to build a plant in this country with the labor force that we have today, you don't know. there's a lot of speculation and a lot of estimating s. been going on. but what is clear is that in the middle of her recession when factory costs and everything have fallen, land, labor imager, those dollars are going down. as an opportunist may look on sort of a capital, dollar to capital bases, pulverized coal might be 2000 or 2200 bucks a kilowatt. by contrast nuclear power might seem 4500 or 5000 per kilowatt. that's down from some estimates before, and over that lifetime, generation of elect
your generation cost is going to reflect a very big chunk of financing cost. by contrast, if you have a long delay, even if you have low interest rates, your overall financing costs are also going to be quite high because you want to realize any revenue in the timeframe you would have realized without a delay. finally, there's the overall question of what the capital costs are themselves. there's a lot of unknowns here because if you don't have recent data point on what it costs to build a...
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Jun 14, 2009
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the problem we have is a housing finance problem, it's not a credit to default swap problem. if there were no credit defaults swaps we would still have the housing finance crisis but would be harder to move the risks one place to another. succumb it doesn't seem to me that there is a clear case to make that a lack of regulation of credit diesels was contribute if they had been outlawed we would still have this problem today. >> i have two things i want to say to that. one is actually i think credit-default swaps did exacerbate the problem three reasons. first, that they made people confident about lending more when they would have in the past because people felt they could shift the risk they kept lending in the lending and the volume of lending expanded quite dramatically. second, because the option of writing credit default contracts was there it provided another mechanism for investors to basically place more banks on the housing supply market in 2005 as i described in the book when they actually started to run out of the subprimal loans and were pumping out as fast as the
the problem we have is a housing finance problem, it's not a credit to default swap problem. if there were no credit defaults swaps we would still have the housing finance crisis but would be harder to move the risks one place to another. succumb it doesn't seem to me that there is a clear case to make that a lack of regulation of credit diesels was contribute if they had been outlawed we would still have this problem today. >> i have two things i want to say to that. one is actually i...
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Jun 8, 2009
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that is right. >> that will not happen until we get campaign finance reform. that is probably every -- prerequisite. >> i think there has to be other routes, because this is a comparative thing. one of the things that fascinates me about the whole financial services boom is the sociology of it. why is it that people around obama see these individual with this background and skills that are the only people who have the skills to be trusted to handle these questions? i do not have an answer to that. i think that presuming to obama means what he says, and i think he does, he needs to be thinking about how to really we've a tightly wound fabric, in which people in the financial service sectors have seized all levers of not only government, the economy and the whole incentive structure, but more profitable to rent money to people who could not afford to pay it back, then it was to get a steady 7% return. they were up and down the economy from credit cards, which were a product of deregulation of finances, yes, thank you. >> but please, everyone, answer, so first, i
that is right. >> that will not happen until we get campaign finance reform. that is probably every -- prerequisite. >> i think there has to be other routes, because this is a comparative thing. one of the things that fascinates me about the whole financial services boom is the sociology of it. why is it that people around obama see these individual with this background and skills that are the only people who have the skills to be trusted to handle these questions? i do not have an...
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Jun 14, 2009
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if there were no credit default swaps we would still have this housing finance crisis. it would just be harder to manage because it would be harder to move the risks from one place to another. so it doesn't seem to me that there's a clear case to make that a lack of regulation of credit default swaps contributed to the problem if they had been outlawed we would still have this problem today. >> well, i have two things i want to say about that. one is -- i think credit default swaps did exacerbate the problem for three reasons, firstly, that they made people confident about earning more. the good people thought they could shift the risk and they kept lending and the volume of lending and it expanded dramatically. and the option of writing credit default swaps there it provided another mechanism for investors to basically place more bets on the subprime market. in 2005 when i was writing the book when they actually started to run out of subprime loans, they were pumping subprime loans as fast as they could and they ran out of the prime loans and there wasn't enough to act
if there were no credit default swaps we would still have this housing finance crisis. it would just be harder to manage because it would be harder to move the risks from one place to another. so it doesn't seem to me that there's a clear case to make that a lack of regulation of credit default swaps contributed to the problem if they had been outlawed we would still have this problem today. >> well, i have two things i want to say about that. one is -- i think credit default swaps did...
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Jun 8, 2009
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goes they are expecting lower revenues or will they turn to bond financing to try and fill gaps? >> i think it's going to be depending on the state. i think the overwhelming majority of states will probably do what they would normally do in this type of recessionary period, which is to the extent they can turn to bond financing. i think there are a handful of stains frankly some of the larger states, obviously california, that will still utilize bond financing. but i think they have their own very difficult issues that they have to deal with to ensure they can continue. but we've never seen a state default. you saw some transportation bonds defaulted on in the '30s. so states are still an exceptionally low risk, good investment. so i think investors realize that. i don't expect that to be a big issue. >> anything else in the room? yes. >> jeff again. if you look at and i appreciate getting what percentage, 11, 12% of the budget here. if you look back in the 80s in the 70s, as a% of the budgets, isn't this on a scale you haven't seen or is it similar, you know, to that state's bud
goes they are expecting lower revenues or will they turn to bond financing to try and fill gaps? >> i think it's going to be depending on the state. i think the overwhelming majority of states will probably do what they would normally do in this type of recessionary period, which is to the extent they can turn to bond financing. i think there are a handful of stains frankly some of the larger states, obviously california, that will still utilize bond financing. but i think they have their...
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Jun 16, 2009
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and the same thing is true under the plan that is being talked about in the finance committee. there, a private entity is organized but again there is nothing that would prevent the private entity from, prevent the federal government from rationing care research by the private entity. the help committee creates what would-- what it calls the agency for health care research and quality in the department of health and human services. in the finance committee as i said it is a private entity but in neither case is the federal government prohibited from using this compared to the effectiveness research from rationing care and in addition to that the health committee bill establishes what is called a medical advisory council. the medical advisory council is specifically given the authority, a very broad authority to make recommendations on health benefits coverage. in other words what is covered by the federal government, and obviously when the federal government sets rules insurance companies frequently applied the same kinds of rules. you don't want the government rather than pati
and the same thing is true under the plan that is being talked about in the finance committee. there, a private entity is organized but again there is nothing that would prevent the private entity from, prevent the federal government from rationing care research by the private entity. the help committee creates what would-- what it calls the agency for health care research and quality in the department of health and human services. in the finance committee as i said it is a private entity but...
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Jun 11, 2009
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. >> this is with the finance committee. this is a representation of what the president said, i want to make certain that this means that the president is there for the questioning and the benefits. >> the leader of the finance committee said, yesterday, he considers this a good option, to provide the financing that may not currently exist. and he said in public yesterday, this is an issue that has been revealed in a briefing. >> he also said this one week ago and i was asked about that then. >> your information may be better than mine on this. >> iran for the presidency a few years ago, and was not a member of many committees, this is a process that you saw, the letter that was based on the principles, it would like to see health care reform and he will watch what is happening on capitol hill. >> i want to make sure if he is interpreting the president's position on this issue? >> this will be answered in the preceding week's from this podium. the president will watch what happens and we will know as soon as this is closer t
. >> this is with the finance committee. this is a representation of what the president said, i want to make certain that this means that the president is there for the questioning and the benefits. >> the leader of the finance committee said, yesterday, he considers this a good option, to provide the financing that may not currently exist. and he said in public yesterday, this is an issue that has been revealed in a briefing. >> he also said this one week ago and i was asked...
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Jun 5, 2009
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>> ai blogs wondering why you think this means for bond financing. will states shy away from it because they are expecting lower revenues or will they turn to bond financing to try to fill in gaps? >> i think it is going to be dependent upon the state i think the overwhelming majority of states will probably do what they would normally do in this recessionary per go to the extent they can turn to bond financing. i think there's a handful of states largely california that will still utilize bond financing but i think they have their own difficult issues that they have to deal with to ensure they can continue but we have never seen a state default. you saw transportation bonds defaulted on in the thirties, some states are still an exceptionally low risk good investment and so i think investors realize that and i don't expect that to be a big issue. >> anything else in the room? guinn -- yes. >> janeth again. if you look, and i appreciate getting the 11, 12% of the budgets. if you look back into the 80's into the 70's, as a percent of the budgets, is th
>> ai blogs wondering why you think this means for bond financing. will states shy away from it because they are expecting lower revenues or will they turn to bond financing to try to fill in gaps? >> i think it is going to be dependent upon the state i think the overwhelming majority of states will probably do what they would normally do in this recessionary per go to the extent they can turn to bond financing. i think there's a handful of states largely california that will still...
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Jun 18, 2009
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in this committee that has not been done and in the finance committee it has not been done. but at least senator baucus has said, whoa, stop, slow down. don't think we can get to the mark up that quickly. i think that's progress. if we can slow down, maybe we can get more bipartisan support. it was my hope that by receiving this information we could better participate in the quest to ensure this every american has meaningful access to health care. because changes to the health care system, as everybody knows, has the potential to impact every single american citizen. we must ensure that we protect the best of its features when we consider changes to shore up its deficiencies. careful consideration is required. that is why we asked for more details and more time to date our request for more information have not been met. i know there are problems in trying to do that in terms of staff and trying to put that together. there's always problems. but this bill is enormous. absolutely enormous. and it's incomplete with the most controversial items being left out until tomorrow's de
in this committee that has not been done and in the finance committee it has not been done. but at least senator baucus has said, whoa, stop, slow down. don't think we can get to the mark up that quickly. i think that's progress. if we can slow down, maybe we can get more bipartisan support. it was my hope that by receiving this information we could better participate in the quest to ensure this every american has meaningful access to health care. because changes to the health care system, as...
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Jun 26, 2009
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. >> let's turn to financing, backed financing for a mode. as a way of financing reform. how would you recommend that a policy like this be designed and implemented? >> i can say what bipartisan policy is going to propose which is recognized, look, that is number one, a potentially important source of financing since it is a major, you know, i would call it a third health care entitlement in this country. we've got 400 billion a year on medicare, close to that on medicaid, and 250 billion plus in die you on the foregone taxes from health insurance exclusion from employers. so it is a big source of financing. and our proposal was to cap that at the level of the federal employees health plans, just as generous plans go. it doesn't cover everything. 90% of those costs that uwe put up on his slide earlier. and if you look at the incident, you know, who is affected by a change like that, there are several ways to limit it. one is to make sure that you adjust and initially for the fact that health insurance is much more expensive in other areas of the country than others. and m
. >> let's turn to financing, backed financing for a mode. as a way of financing reform. how would you recommend that a policy like this be designed and implemented? >> i can say what bipartisan policy is going to propose which is recognized, look, that is number one, a potentially important source of financing since it is a major, you know, i would call it a third health care entitlement in this country. we've got 400 billion a year on medicare, close to that on medicaid, and 250...
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Jun 10, 2009
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the finance committee has spent many hours, many days, weeks, months laying the groundwork. you have 12 hearings last year all day summit at the library of congress we held three round table discussions outlining options for reform. totally inclusive, totally bipartisan. i've never participated in a more inclusive endeavor in my life. we can to one funnel agreement that something must be done. in 2008 america spent 2.4 trillion in healthcare. that's one-sixth of our economy. yet we ranked last in major industrial nations on the health systems performance which ranks the number of deaths that could be prevented before age 75 through effective healthcare. last, the united states ranked last. some analysts estimate that as much as 30% of our spending is for ineffective redundant or inappropriate care. that's care that does nothing to improve the health of americans. our system leaves nearly 50 million americans without health insurance, 25 million more with inadequate coverage and most bankruptciess in america are related to medical costs. our system needs reform. if we fail to
the finance committee has spent many hours, many days, weeks, months laying the groundwork. you have 12 hearings last year all day summit at the library of congress we held three round table discussions outlining options for reform. totally inclusive, totally bipartisan. i've never participated in a more inclusive endeavor in my life. we can to one funnel agreement that something must be done. in 2008 america spent 2.4 trillion in healthcare. that's one-sixth of our economy. yet we ranked last...
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Jun 27, 2009
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we finance building a train or bridge the same way we finance paper clips in the federal government. it's nuts. it's time to change. it's time to change and we better do it soon because infrastructure is a lot like that commercial, you can pay me now and he holds up a can of oil filter, $8.75, or you can pay me later, he points toe dilap dated car. it's not getting cheaper. it's not getting cheaper. >> you and i are very much on the same page. and all we have to do is convince about 85 others here that we're doing the right thing there. ms. fleming, in your march, 2009, report you studied high-speed rail service in france, japan and spain. each of these countries has committed significant government support for its high-speed rail system. is it realistic to expect a high-speed passenger rail service to be successful without government contributing toward capital or -- and/or operating expense? >> what we found is there was a real commitment and priority in france, spain and japan. and the majority of upfront construction costs was born by the central government in these countries wit
we finance building a train or bridge the same way we finance paper clips in the federal government. it's nuts. it's time to change. it's time to change and we better do it soon because infrastructure is a lot like that commercial, you can pay me now and he holds up a can of oil filter, $8.75, or you can pay me later, he points toe dilap dated car. it's not getting cheaper. it's not getting cheaper. >> you and i are very much on the same page. and all we have to do is convince about 85...
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Jun 8, 2009
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that is right. >> that will not happen until we get campaign finance reform. that is probably every -- prerequisite. >> i think there has to be other routes, because this is a comparative thing. one of the things that fascinates me about the whole financial services boom is the sociology of it. why is it that people around obama see these individual with this background and skills that are the only people who have the skills to be trusted to handle these questions? i do not have an answer to that. i think that presuming to obama means what he says, and i think he does, he needs to be thinking about how to really we've a tightly wound fabric, in which people in the financial service sectors have seized all levers of not only government, the economy and the whole incentive structure, but more profitable to rent money to people who could not afford to pay it back, then it was that was a choice. these
that is right. >> that will not happen until we get campaign finance reform. that is probably every -- prerequisite. >> i think there has to be other routes, because this is a comparative thing. one of the things that fascinates me about the whole financial services boom is the sociology of it. why is it that people around obama see these individual with this background and skills that are the only people who have the skills to be trusted to handle these questions? i do not have an...
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Jun 30, 2009
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if finances the deficit for the future. it is normal to finance this through borrowing. this could be a good deficit in the specific condition it allows to finance good investment. there is the question of the quality of public expenditure, the rationale of austerity hides it. we only ask ourselves in terms of what the short-term budgetary concerns will be. if there is not enough means, if we do not want to invest in pilot schools, in magnet schools, if there is nothing to propose to young people, if we are not able to support children in difficult situations who find themselves excluded from the school system before they have finished their school years, this is not saving. we are preparing an increase of future expenses because we will face the cost of this. so i would like to propose to the social stakeholders to take massive measures to increase short-term things for those whose jobs have become obsolete. anyone who has been laid off should be able to keep their wages and train for a year. the time has come to take advantage of the situation to invest in our manpower
if finances the deficit for the future. it is normal to finance this through borrowing. this could be a good deficit in the specific condition it allows to finance good investment. there is the question of the quality of public expenditure, the rationale of austerity hides it. we only ask ourselves in terms of what the short-term budgetary concerns will be. if there is not enough means, if we do not want to invest in pilot schools, in magnet schools, if there is nothing to propose to young...
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Jun 23, 2009
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it was written by the finance committee and promulgated by the finance committee. i am not sure, i am not sure it went through the judiciary committee. well, two members here as well. >> mr. chairman, i just wanted to express my support for this amendment. if it were to come to a vote, i'd be strongly inclined to vote for it. i do think it's important that we accommodate our colleague senator kohl who has asked to be consulted before this whould go forward. i hope we could accomplish that in relatively short order. if it comes to the point where they can't get their arms around this in time for us. we may have to come back and vote on it. >> on an issue we would agree with. >> interoperablity and -- >> let's make that kwer. let me instruct staff to get ah i think we would all like to vote. >> mr. chairman? >> this doesn't really solve the issue of germaneness, and i do think it is important that the record show that germaneness does not apply in committee, and when i chaired this committee, we marked up the number of bills on which this issue was raised. this bill
it was written by the finance committee and promulgated by the finance committee. i am not sure, i am not sure it went through the judiciary committee. well, two members here as well. >> mr. chairman, i just wanted to express my support for this amendment. if it were to come to a vote, i'd be strongly inclined to vote for it. i do think it's important that we accommodate our colleague senator kohl who has asked to be consulted before this whould go forward. i hope we could accomplish that...
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Jun 24, 2009
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let's all keep in mind that on the finance side, we have a provision in the finance bill that would provide up to $200 a year tax credits per employee for wellness and prevention programs. that's incentives. again, reducing premiums that could be an incentive. but i have a small company in des moines, iowa, employs about 200-plus people. the owner of it didn't start reducing premiums. he found that didn't work that well. he wasn't getting that much reduction. but what he did is he just built a gym on to his workplace. and he hired a full-time trainer/nutritionist. he went to iowa state. i don't know why i wanted to add that. but then, he said to his employees, okay, this is all voluntary. i want to get you all into a smoking cessation program. and i may be a little off here. i can't remember it. but like if you sign up with our less absenteeism. he runs two shifts a day, two eight-hour shifts. it used to be that, boy, when the first shift finished for the last half hour you didn't get any work. people rushing for the doors. now he said people hang around. they take care of their equipment.
let's all keep in mind that on the finance side, we have a provision in the finance bill that would provide up to $200 a year tax credits per employee for wellness and prevention programs. that's incentives. again, reducing premiums that could be an incentive. but i have a small company in des moines, iowa, employs about 200-plus people. the owner of it didn't start reducing premiums. he found that didn't work that well. he wasn't getting that much reduction. but what he did is he just built a...
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Jun 24, 2009
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whereas the borrowing necessary to finance -- the speaker pro tempore: the gentleman will suspend. the house will be in order. members will take their seats. members and staff in the rear of the chamber will vacate the oor. or take seats. the gentleman from georgia. mr. price: whereas the american recovery and reinvestment act of 2009 included $575 billion of new spending and $212 billion of revenue reductions for a total deficit impact of $787 billion. whereas the borrowing necessary to finance the american recovery and reinvestment act of 2009 will cost an additional $300 billion. whereas on february 26, 2009, the president unveiled his budget blueprint for fiscal year 2010. whereas the president's budget for f.y. 2010 proposes the 11 highest annual deficits in united states history. whereas the president's budget for f.y. 102010 proposes toin crease the national debt to $23.1 trillion by fiscal year 2019, more than doubling it from its current levels. whereas on march 11, 2009, the president sign into public law h.r. 1105, the omnibus appropriations act of 2009. whereas the omni
whereas the borrowing necessary to finance -- the speaker pro tempore: the gentleman will suspend. the house will be in order. members will take their seats. members and staff in the rear of the chamber will vacate the oor. or take seats. the gentleman from georgia. mr. price: whereas the american recovery and reinvestment act of 2009 included $575 billion of new spending and $212 billion of revenue reductions for a total deficit impact of $787 billion. whereas the borrowing necessary to...
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Jun 19, 2009
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the senate finance committee is trying to bring the cost of the bill down to a trillion dollars or less and i understand the white house supports that as well. are you willing to make the trade-offs needed specifically in order to bring the cost down, forget about the pay force but to bring the cost down you're going to turn back the benefit package, turn back the number of people who qualify for the number of the subsidies, that's how would you bring the costs down. is that a trade-off that you are willing to make? >> i think we continue to watch what is going on as the finance committee works through this process. i would mention that the president has put a think last count of $950 billion on the table, as you're shaking your head, it's actually 950 -- >> that's not relevant to my question. my question is and how you pay for it, the you need to pay for it. >> but you did talk about a force and if you are going to talk about trimming the cost down to petroleum and i'm willing to tell you 950 billion is put on the table i think 950 billion, the trillion is a relevant part of the conver
the senate finance committee is trying to bring the cost of the bill down to a trillion dollars or less and i understand the white house supports that as well. are you willing to make the trade-offs needed specifically in order to bring the cost down, forget about the pay force but to bring the cost down you're going to turn back the benefit package, turn back the number of people who qualify for the number of the subsidies, that's how would you bring the costs down. is that a trade-off that...
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Jun 5, 2009
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turn to bond financing to fill the gaps? mack i think it is going to be depending on the states, i think the overwhelming majority of states will probably do what they would normally do in this type of recessionary time it to the extent they can turn to bond financing. i think there are a handful of states frankly some of the larger states on is the california that will still utilize bond financing but they have their own their difficult issues that they have to deal with to ensure they can continue with the we have never seen a state default. you saw some transportation bonds default and the '30s so states are still an exceptionally low risk and investment and so i think investors realize that and i don't expect that to be a big issue. >> anything else in the room? >> if you look at and i appreciate the a 12% of the budgets here, if you look back into the 80's and '70's as a percent of the budgets is this on a scale you haven't seen or similar to the state budgets or smaller? >> i was a we don't have statistics back to the
turn to bond financing to fill the gaps? mack i think it is going to be depending on the states, i think the overwhelming majority of states will probably do what they would normally do in this type of recessionary time it to the extent they can turn to bond financing. i think there are a handful of states frankly some of the larger states on is the california that will still utilize bond financing but they have their own their difficult issues that they have to deal with to ensure they can...
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Jun 5, 2009
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. >> [inaudible] i was wondering what you think it means for a bond financing, will states shy away because expecting lowering but will try and fill the gaps? >> i think it is going to been depending on the state. i think that the overwhelming majority of states will probably do what they would normally do in this type of recessionary time which is to the extent they can turn to bond financing. i think there are a handful, frankly the larger of is the california, that will still utilize bond financing but i think they have their own very difficult issues that they have to deal with to ensure that they can continue, but we have never seen a state the faults. usada some transportation in the '30's but states are still exceptionally low risk 96 out -- good investments i think investors realize that and i don't expect that to be an issue. >> anything else in the room? >> if you look at and i appreciate the percentage of tom% of the budgets here, if you look back into the 80s and the seven days as a percent of the budgets, is this on a scale you haven't seen or is it similar to the state budgets
. >> [inaudible] i was wondering what you think it means for a bond financing, will states shy away because expecting lowering but will try and fill the gaps? >> i think it is going to been depending on the state. i think that the overwhelming majority of states will probably do what they would normally do in this type of recessionary time which is to the extent they can turn to bond financing. i think there are a handful, frankly the larger of is the california, that will still...
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Jun 22, 2009
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the biggest thing now is financing. retailers, dealers, and manufacturers can i get any lending money. for the tarp in stimulus money went is a big question. i was in eastern regional manager for the u.s., canada, and all of europe. from my counterpart in europe i hear the same thing regarding financing host: the demand is still there? but you say people cannot get financing to buy the use ofrv's? but the demand is still there? caller: yes, i get called on a daily basis. we are paid only if we sell something by commission. the company was restructured as factory director and the. there are deals out there, but no financing. host: here is the story concerning the state budget of connecticut. next to union, new jersey on the democrats' line. caller: good morning. and in calling to say that i see jobs out there. those jobs are coming, not a lot of jobs, but seemed to be going to the wrong people. there are lots of cheap labor jobs up there with construction. but it seems it is going to the wrong people. most of those are i
the biggest thing now is financing. retailers, dealers, and manufacturers can i get any lending money. for the tarp in stimulus money went is a big question. i was in eastern regional manager for the u.s., canada, and all of europe. from my counterpart in europe i hear the same thing regarding financing host: the demand is still there? but you say people cannot get financing to buy the use ofrv's? but the demand is still there? caller: yes, i get called on a daily basis. we are paid only if we...
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Jun 10, 2009
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to finance that expansion of coverage, we will have a hard offsets. i want to be very clear. the package, the reform plan as a whole will be deficit neutral in over the next 5 to 10 years. there is no ambiguity about that. many people have confused our effort to lead to a more efficient health-care system and address regional variation with the hard offsets that are reductions in payments for medicare and vantage plans, reductions in paymentss for other types of providers. >>>s in medication and additional revenue, with the changes that are necessary to lead to a more efficient health-care system. we need to do both, we need to offset the cost of any changes over the next 5 or 10 years in a deficit neutral way. this is not make believe. this is -- these are proposals that were made by skeptical budget office. on that basis the package must be deficit neutral. it is not just the president's insistence that the plan be deficit neutral, but even if you look at congressional configurations, it is is implausible that a plan with a deficit increase would pass the u.s. senate becaus
to finance that expansion of coverage, we will have a hard offsets. i want to be very clear. the package, the reform plan as a whole will be deficit neutral in over the next 5 to 10 years. there is no ambiguity about that. many people have confused our effort to lead to a more efficient health-care system and address regional variation with the hard offsets that are reductions in payments for medicare and vantage plans, reductions in paymentss for other types of providers. >>>s in...
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Jun 10, 2009
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there's a three-page of various pay-fors or ways of raising revenues to help finance health care. but there's also another big tax looming on the horizon and that is the carbon tax, what we call the national sales tax on energy. if this climate change bill, which is currently moving through the house of representatives, reaches the senate, and if it, in fact, does pass the congress this year, that too will entail an incredible a lot of taxation. because there is no way that you can attach -- sessionally a cost to carbon in this country per ton and force companies that emit to buy the credits that would be associated with that without them passing it on. they're going to pass it on. everybody admits that. i mean, the president has admitted that. the leader ship on the other side has admitted that. all of the utility companies in the country will tell you that. in a carbon tax, a national sales tax on energy would hit places like where i'm from in the midwest the hardest because we are by and large proportionally more dependent on coal-fired power than are many other areas of the co
there's a three-page of various pay-fors or ways of raising revenues to help finance health care. but there's also another big tax looming on the horizon and that is the carbon tax, what we call the national sales tax on energy. if this climate change bill, which is currently moving through the house of representatives, reaches the senate, and if it, in fact, does pass the congress this year, that too will entail an incredible a lot of taxation. because there is no way that you can attach --...
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Jun 5, 2009
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i hope you'll use your diverse professional background and the fields of finance, retirement services, and education to fulfill the core purposes that congress outlined with the emergency economic stabilization act. you have an incredible background. it really is remarkable. when i looked over the experiences you've had in these areas of finance, of retirement issues, of education, you're tremendously well suited do this in my view. you had a distinguished academic career and served our country with great distinction. in the navy during the vietnam conflict, graduate of stanford and yale undergraduate degree. so you really have the tools and experience and the background, i think, to make a significant difference. and i personally want to say i'm excited about your nomination. i think this is going to be a great opportunity for us to get this right and to give the country that renewed sense of confidence about how this program is working, and why it is in their interest that we succeed with it. you and your family have epitomized the importance of public service. you know you now have
i hope you'll use your diverse professional background and the fields of finance, retirement services, and education to fulfill the core purposes that congress outlined with the emergency economic stabilization act. you have an incredible background. it really is remarkable. when i looked over the experiences you've had in these areas of finance, of retirement issues, of education, you're tremendously well suited do this in my view. you had a distinguished academic career and served our country...
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Jun 23, 2009
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there are the financing costs that are a function of the interest rate that you get. the hue are not deemed creditworthy, -- if you are not deemed creditworthy, it costs top dollar. by contrast, if you have a long delay even with low interest rates, the overall interest rates will be high because you will not realize revenue they would have without the delay. there is the overall question of what the capital costs are themselves. there are a lot of unknowns. if you do not have recent data. on what it costs to build a plant in this country with the labour force today, you do not know. there is a lot of speculation. there is a lot of estimating that has been going on. what is clear is that in the middle of a recession when the costs of everything have fallen, those numbers are going down as inopportune as it may look on the dollar to capital dollar basis, by contrast, nuclear power might beat $5,000 per kilowatt. -- might be $5,000 per kilowatt. your cost could be cheaper, especially if the fuel costs go up more for the other sources. >> we have got to compare the theor
there are the financing costs that are a function of the interest rate that you get. the hue are not deemed creditworthy, -- if you are not deemed creditworthy, it costs top dollar. by contrast, if you have a long delay even with low interest rates, the overall interest rates will be high because you will not realize revenue they would have without the delay. there is the overall question of what the capital costs are themselves. there are a lot of unknowns. if you do not have recent data. on...
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Jun 23, 2009
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we also support your finance committee's process and look forward with optimism to its next steps. but bottom line, without you, chairman bauccus, we certainly would not be here today and we offer all of our thanks for that. >> when the president issued his clarion call for all parties to come together to address the issues of healthcare reform, aarp representing over 40 million members was proud to be one of the first to step forward. today's announcement means that struggling americans who have been looking for help in their pocketbooks just to stay healthy, who say that one of their single largest drivers of their healthcare costs is prescription drugs. well, today americans and medicare doughnut hole, that gap in coverage, will have their brand name drug costs cut in half. a 50% reduction in drug costs, a 50% reduction in their drug costs. now, too many americans fall into this coverage gap. and they stop taking their medication. because they really simply can't afford it. but today now they will have a new opportunity to lead a healthier life. mr. president, every american who
we also support your finance committee's process and look forward with optimism to its next steps. but bottom line, without you, chairman bauccus, we certainly would not be here today and we offer all of our thanks for that. >> when the president issued his clarion call for all parties to come together to address the issues of healthcare reform, aarp representing over 40 million members was proud to be one of the first to step forward. today's announcement means that struggling americans...
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Jun 19, 2009
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clearly, these are areas that on the face would be the jurisdiction of the finance committee so if we're going to selectively choose which members get to participate in it, i think it's a little unfair to senator isakson. >> the last let's take a braque -- let's take a break and we will come back to it. >> there has to be made somewhere near here. -- there has to be somewhere near here. let me turn to my colleague from georgia for any comments on this latest proposal. >> mr. chairman, as i understand it, there has been a proposal to move this consideration to the long term care section in the legislation, which i was in the walk-through when we were going through that provision the other day, and that is an opt out position. i have some interesting numbers for you. medicare estimates that 44% of americans do not have an advance directive and 37% have never considered it. if you take those numbers, those are pretty large numbers. i get to go into medicare this year and sign up, and during the process of that, you have options on a and b and d. it seems like to me that this is a way of ens
clearly, these are areas that on the face would be the jurisdiction of the finance committee so if we're going to selectively choose which members get to participate in it, i think it's a little unfair to senator isakson. >> the last let's take a braque -- let's take a break and we will come back to it. >> there has to be made somewhere near here. -- there has to be somewhere near here. let me turn to my colleague from georgia for any comments on this latest proposal. >> mr....
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Jun 24, 2009
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public plan especially if the employer will pay for the individual participation of the other plan and finance any subsidy to individuals who opted out. employer mandates including benefit packages which restrict the ability to devise and operate health-care plans that best meet the needs of our employers, mandate increased costs and limit flexibility and a difficult to define so they can be simply in uniform reapplied. coupled with punitive regulatory regimes which discourage employers from continuing to provide quality approval healthcare to their employees. finally, talking about preemption, without national uniformity, large multistate employers simply could not offer quality health care coverage to their employees. any future legislation much -- must have national uniformity in similar priorities. there are many employers that offer benefits in all 50 states. we can testify to the fact that most states have some responsibility complied with state mandates, the administration is costly and complex and difficult to comply with. in conclusion, erik is committed to the goal of responsibly ref
public plan especially if the employer will pay for the individual participation of the other plan and finance any subsidy to individuals who opted out. employer mandates including benefit packages which restrict the ability to devise and operate health-care plans that best meet the needs of our employers, mandate increased costs and limit flexibility and a difficult to define so they can be simply in uniform reapplied. coupled with punitive regulatory regimes which discourage employers from...
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Jun 18, 2009
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i have nothing but love and regard for my colleagues on this committee and on the finance committee as well were and also served. good people every one of view and i respect you. but look it would sure doing here. this is in my opinion something that is going to be too costly and isn't going to the job we hope we can do is really dedicated people on this very important committee and i might add on this finance committee as well which is extremely important role the money is unrated to work together and i just felt that we can but what i have seen so far in the case we are not and that may turn not to be a disaster for everybody concerned and, once again, we may lose the edge opportunity and the chance of really do something that will make marvelous difference in our country. lucas senator schakowsky, she is nodding your head and the reason she is as we did on the save america act. that is a bill that brought the best of conservatism and liberalism together in the hopes will get seven or eight millender additional volunteers that will save this country jones of dollars. and i enjoyed wo
i have nothing but love and regard for my colleagues on this committee and on the finance committee as well were and also served. good people every one of view and i respect you. but look it would sure doing here. this is in my opinion something that is going to be too costly and isn't going to the job we hope we can do is really dedicated people on this very important committee and i might add on this finance committee as well which is extremely important role the money is unrated to work...
127
127
Jun 14, 2009
06/09
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CSPAN2
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ideas, it came out of a much longer stream of international development that had been occurring in finance really starting in the late 1970s which was all about trying to find ways to transfer risk between banks and between banks and investors that made the financial system more efficient and effectively they hoped less risky. that was the theory. so there were this body of experimentation and development that took place in the 1990s which was pioneered in the corporate credit derivatives world by the jpmorgan team, but then this part of the decade collided with another stream of intellectual development that was occurring in finance in the mortgage arena, and that was the deal with the slicing and dicing of mortgage debt and the bundling up of mortgages to create structures called cdos, cmos, other alphabet soup. and the whole idea collided with the mortgage ideas i then called perversion because, in essence, what happened was you had these concepts being fed into an era when credit was very, very cheap, and in a sense there was a tremendous bout of deregulation in the financial system. a
ideas, it came out of a much longer stream of international development that had been occurring in finance really starting in the late 1970s which was all about trying to find ways to transfer risk between banks and between banks and investors that made the financial system more efficient and effectively they hoped less risky. that was the theory. so there were this body of experimentation and development that took place in the 1990s which was pioneered in the corporate credit derivatives world...
93
93
Jun 21, 2009
06/09
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CSPAN
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eye 93
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some of that is also in the finance committee. so it's -- it's clinical. it's schools, it's workplace and it's communities. the trust for americans' health did a great study and they came out with it last year showing that small investments in community wellness programs had an immediate payback, an immediate payback in the first and second years afterward. you didn't have to wait 10 or 20 years. they had immediate paybacks and so we had to think about the whole spectrum from early childhood through schools and workplaces through communities and clinical basis for settings and prevention and wellness. when i say that i might also mention that we can't forget about two other aspects of this. one is oral healthcare and making sure that our kids have good preventive health care in terms of oral health. we all remember the story, barbara, the young boy in your state that because he didn't get oral care got an infection and died from it simply for the lack of preventive care for a young boy on oral health care, and then the other great one is mental health. we
some of that is also in the finance committee. so it's -- it's clinical. it's schools, it's workplace and it's communities. the trust for americans' health did a great study and they came out with it last year showing that small investments in community wellness programs had an immediate payback, an immediate payback in the first and second years afterward. you didn't have to wait 10 or 20 years. they had immediate paybacks and so we had to think about the whole spectrum from early childhood...